TOPIC 4 - Management Information Systems Flashcards
what is data?
raw facts
what is information?
data shaped into a form that is meaningful, to human beings
What is Information technology?
all the hardware and software that a firm needs to use in order to achieve its business objectives
What is an Information System
a set of interrelated components that collect, process, store, and distribute information to support decision making and control in an organization
What is Information System Literacy
understanding the dimensions of an information system
name and explain the 3 dimensions of an information system
Tech: Processors, memory, secondary storage, servers, databases, networks, etc
Organization: Diff groups in a firm have diff info needs, rules are embedded in the info system
Management: Make decisions, formulate action plans, design and deliver new products and services
What is the mission of MIS?
The improve the performance of people in organizations through the use of information technology (IT)
To fully or partially automate data gathering, processing, storage, and information distribution with help of IT
Convert business data into information with business intelligence
What is business intelligence?
is IT to help users make better business decisions
examples: Data/software tools for organzing, analyzing, and providing access to data
What is MIS?
management information systems -> Information systems + behavioural issues
3 reasons to consider an information system
Create of maintain competitive advantage Adapt to (int and ext) change Cost benefit analysis
3 ways to develop and manage an information system
Design, implement, and integrate
Training, new business practices
Privacy and security
5 reasons for competitive advantage
Operational excellence -> improved efficiency
Help develop new products, services, and business models
Understand customers and suppliers better
Improved decision making
Survival
What is creative destruction?
new tech threatens existing business
Objective of adapting to internal/external change
stay focused on the future because incremental improvement is going tom ake you obsolete over time
